NSE Listed diversified financial services firm, I&M Holdings on Wednesday held its Annual General Meeting and the shareholders approved the 65% acquisition of corporate finance advisory firm, Burbidge Capital in a transaction whose value is undisclosed.
Related; Ex Barclays Bank Tanzania CEO appointed I&M Bank Kenya CEO
Burbidge Capital was started by Edward Burbidge in 2010 and focuses on corporate advisory services to firms in East Africa. Major deals undertaken include being the nominated advisor and placing agent during the listing of Flame Tree Group and the cross listing of Atlas Limited.
“Our Group strategy is to emerge as a one-stop centre for all the financial needs of our customers,” said Daniel Ndonye, chairman of the I&M group.
The shareholders also approved a dividend payment of Ksh 3.50 per share amounting to Sh1,3 billion for the year ended 31st December 2015, representing 21% growth in earnings per share (EPS) up from Ksh 2.90 paid the previous period.
The shareholders also passed a special resolution allowing for the amendment of the firm’s Articles of Association to reflect the proposed entry of CDC Group as a major investor in I&M Holdings.
Read; I&M Bank announces proposed acquisition by UK’s CDC Group Plc
